// definition
FRE
Fee-related earnings
Short definition
An adjusted earnings measure based on fee revenues after the expenses and adjustments specified by the company. Included revenues and methods vary by issuer and period. Testing a forecast requires comparable earnings levels; gross fee revenue is a separate measure.
risk atlas
Knowledge map
Related analyses
Primary sources
- Apollo, 2025 annual reportAUM, FRE and SRE definitions and adjusted-measure reconciliations.
- Brookfield Asset Management, 2025 annual reportFRE definition and changes in AEL mandate fee revenue.